Alphabet (GOOG) Surged After Strong Performance

Madison Investments, an investment advisor, released its “Madison Investors Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund (Class Y) fell by 1.03% compared to a 4.28% return for the S&P 500 index. YTD the fund returned 8.50% compared to a 15.29% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Investors Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter. Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was 0.85%, and its shares gained 49.94% of their value over the last 52 weeks. On July 18, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $179.22 per share with a market capitalization of $2.204 trillion.

Madison Investors Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter:

“Shares in Alphabet Inc. (NASDAQ:GOOG) appreciated nicely in the quarter as investors applauded results that reflected strong performance across Search, YouTube, and Cloud. Importantly, margins also expanded considerably as management makes meaningful progress on ‘durably reengineering the cost structure’.”

Photo by Kai Wenzel on Unsplash

Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 165 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the first quarter which was 166 in the previous quarter. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Alphabet Inc. (NASDAQ:GOOG) and shared Wedgewood Partners’ views on the company. Alphabet Inc. (NASDAQ:GOOG) was the top contributor to Oakmark Funds’ performance during the second quarter of 2024. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.